There are portable drill stands having an electromagnetic base enabling the stand to be secured to a ferromagnetic plate or the like. The plate must have substantial thickness to have enough iron in the magnetic field to develop adequate holding power. Such tools involve elaborate safety interlocks to prevent use and dropping of the tool when power fails, etc. The tools cannot be used on relatively thin materials such as the sheet metal used in shelves, cabinets, ducts, etc. Such drill presses can be difficult or impossible to use in drilling a hole in an overhead member.
This invention is directed to provide a permanent magnet base for portable power tools.